Research On The Motivation And Economic Consequences Of Spin-off Of Hua Bao International Spin-off Hua Bao Share

Spin off listing slowly began to popular in Europe and the United States,many entrepreneurs as the expansion of the strategy has not been able to obtain good benefits after the effective ways to realize the core strategy,but in very strict supervision,there is no suitable narrow spinoff case successfully.On December 13,2019,the China Securities Regulatory Commission released the splitting the affiliated subsidiaries in the listed company listed several provisions on the pilot,has been clear about the spin-off listed seven conditions,information disclosure,and decision-making procedures,spin off listing the mature capital markets practice will be in a-share to break the ice.Because at present there is no success in narrow spin-off case,listed in Hong Kong a spin-off to the influence of the return policy,success is not much,also this paper select break-up time is more suitable for research of huabao international split shares warburg case as the research object.This article first to spin off listing relevant literature review and arrange,and then to spin off listing related theoretical study,the case study huabao international spin-off warburg shares,compared to A shares and H shares listed on the split system differences,spin off listing from the preparation,spin off listing,spin off listing agent,and the process of the spin off listing description and analysis of the economic consequences,etc,through data collection and processing,to verify this reason,using event study method and financial index analysis of the economic consequences,analyze parent-subsidiary management status,and put forward the possible risk,finally,the paper summarizes the case,and gives the corresponding opinions and Suggestions.This article have concluded as the spin off listing raised the case company’s market value,enhance the company’s financing ability,broaden the financing channels,strengthen the enterprises to carry out the strategy of professional ability,improve the efficiency of enterprise management,and effective incentive management,and it is concluded that spin off listing has brought huabao international short-term excess returns,but also brought huabao international management risk,long-term market performance of huabao international showed a trend of decline.Suggestions on the spin-off subsidiary of net income and net assets accounted for more stringent requirements.In this paper the motivation and economic consequences of spin off listing has carried on the detailed analysis,the hope can provide many of the firms that try to spin off listing in reference,also provide reference for the investors,in order to promote the healthy development of the spin-off listed render provides.